New York, February 13, 2026, 10:23 (EST) — Regular session
- Alphabet Class C (GOOG) slipped roughly 1% shortly after the open
- EU regulators raised new antitrust concerns about Google’s Search ads pricing, putting another issue on the company’s plate.
- Traders are picking through fresh clues on digital ad demand, while also sizing up the latest signals on where rates might be headed.
Alphabet Inc’s Class C shares (GOOG) slipped nearly 1% to $306.41 on Friday, following a volatile stretch for the big tech names and fresh scrutiny on Google’s main advertising division. Shares kicked off the session at $307.68 and moved in a range from $304.17 up to $310.50.
The timing isn’t great for investors. Alphabet’s earnings still lean heavily on Google’s ad business, and moves that affect Search ad pricing hit the valuation right away.
Traders haven’t hesitated to hammer Big Tech stocks at the faintest whiff of margin pressure—whether it’s fresh regulation, softer ad demand, or just the mounting price tag of keeping up in AI. Alphabet is right in the thick of it.
EU regulators have flagged worries that Google could be driving up ad auction prices for its Search platform, according to a letter reviewed by Reuters. The Commission highlighted concerns around the “clearing price,” referring to what the top bidder actually pays. Google, for its part, told regulators that its ad pricing relies on real-time auctions factoring in competition and ad quality, Reuters reported. Reuters
There’s more than regulatory chatter rippling through the tape. Digital advertising is jumpy. Smaller platforms, for their part, are flagging slimmer ad budgets right at the edge.
Pinterest shares tumbled Friday, the company blaming weaker revenue forecasts on major U.S. retailers who’ve dialed down ad budgets thanks to tariff jitters. In that same update, Google got a mention for rolling out new shopping tools in its Gemini chatbot and AI search—ratcheting up the battle for advertising money.
Macro forces are moving the opposite way. January’s U.S. consumer price data came in softer than forecasts, with Phil Orlando, chief market strategist at Federated Hermes, describing the release as “better than expected.” In his view, that bolsters arguments for rate cuts before year-end. Reuters
Sentiment in tech remains shaky. Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder, pointed out that “this anti-AI trade” continues to weigh on markets after Thursday’s steep drop in the main indexes, with a defensive rotation still in play. Reuters
Here’s the risk: should the EU push ahead with formal action, investors may suddenly have to contend with potential changes to Search ad pricing or sales in Europe—still a major profit engine. On another front, if tariff jitters start spilling into wider advertising budgets, that “resilient demand” narrative in the sector could unravel quickly.
Now, attention swings to Europe’s timeline. Advertisers have until March 2 to respond to the Commission’s concerns, a cutoff that could decide if this issue remains just a warning or escalates further.
